The Federal Reserve said at the fifth conference on the international role of the U.S. dollar that stablecoins may reinforce the dollar’s position in the global financial system. Fed Governor Christopher Waller said roughly 97% to 99% of fiat-backed stablecoins are pegged to the U.S. dollar, and that technological change is reshaping how households and businesses interact with the currency. The event was jointly hosted last month in Washington by the Federal Reserve Board and the Federal Reserve Bank of New York, with discussion centered on how stablecoins and cross-border payments innovation could affect the international monetary system. In a keynote speech, Cornell University professor Eswar Prasad said the world is moving into a new phase of competition between public and private forms of money, while central bank money is still expected to remain the main settlement asset and store of value.
The Federal Reserve said at the fifth conference on the international role of the U.S. dollar that stablecoins could strengthen the dollar’s role in the global financial system.
Fed Governor Christopher Waller said about 97% to 99% of fiat-backed stablecoins are pegged to the U.S. dollar, adding that technological innovation is changing how households and businesses interact with the currency.
The conference was jointly hosted last month in Washington by the Federal Reserve Board and the Federal Reserve Bank of New York. It focused on the impact of stablecoins and cross-border payments innovation on the international monetary system.
In a keynote speech, Cornell University professor Eswar Prasad said the global monetary system is entering a new period of competition between public and private money, while central bank money will still serve as the main settlement asset and store of value.
The item was cited by Techub and attributed to Payments Dive.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
